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(g) Personal Notes with above securities as collateral, with 20 % margin.

(h) Personal Notes secured by shares

of capital stock of Steam Rail-
road operating its own road
which has for five years pre-
ceding paid 4% dividends on
all its issues of stock.

Margin of 20% required, and they must
be listed on New York, Boston,
Philadelphia, or Chicago stock ex-
change.

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(c) Bonds of any corporation owning over 90% of the capital stock and of
the outstanding bonds of any Street Railway organized under Rhode
Island laws, said bonds and stocks owned being deposited as collateral
for above bonds issued, and which corporation has paid in each pre-
ceding five years not less than 4% on all its outstandding capital stock.
Also, bonds of any such Street Railway guaranteed fully by any such
corporation.

(d) Personal Notes with preceding securities as collateral, 20% margin.

4th Class-

(a) National Bank Stocks located in

New England or New York
States.

Bank or Trust Co. Stocks, Incor-
porated, and doing business in
New England or New York
States.

(b) Personal Notes with above Bank
and Trust Co. Stocks as col-
lateral, subject to restrictions.

5th Class-

Amount invested in any one stock

of this class limited.

Margin of 25% required.

Personal Notes of Depositors secured by bank book. Limit, 90%.

6th Class-

First Mortgages on Real Estate. |

Not exceeding 70% of deposits
in amount of loan limited as
to ratio to valuation.
Mortgage loans not to be made
except on report of two mem-
bers of Board.

Improved property loans, 60% limit.

Unimproved property loans, 40% limit.

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Stocks and Bonds acquired in settlements, to be sold within five years.
11th Class-

Banking House suitable for transaction of business.

State of Rhode Island and Providence Plantations.

JANUARY SESSION, A. D. 1908.

CHAPTER 1590.

1908.

AN ACT TO PROVIDE FOR THE INCORPORATION AND REGU- Passed May 26
LATION OF BANKS, SAVINGS BANKS, AND TRUST COM-
PANIES.

It is enacted by the General Assembly as follows:

SECTION 1. This act shall be known as the bank- Banking law. ing law, and shall be applicable to all banks, savings banks, and trust companies incorporated under the laws of this state.

SEC. 2. The powers, rights, and privileges, and the duties, restrictions, and liabilities, conferred or imposed upon any bank, savings bank, or trust company, by whatever name known, by its charter or act of incorporation, are hereby abridged, enlarged, or modified, as each particular case may require, in such manner that every such charter or act of incorporation shall be made to conform to the provisions of this act in relation thereto, and to such amendments thereof as may be hereafter made. Every such bank, savings bank, or trust company shall possess the powers, rights, and privileges, and be subject to the duties, restrictions, and liabilities, conferred and imposed by this act, notwithstanding anything to the contrary in their respective charters or acts of incorporation. Nothing in this act shall be construed to affect the legality of investments heretofore made or of transactions heretofore had pur

Banks, savings trust com provisions of

banks, and

panies, to con form to the

this act.

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